Make money work for you!

  • Home
  • Personal Finance
  • Budgeting
  • Shopping
  • Taxes

6 New Ways Retirees Can Save on Taxes This Season

January 20, 2023 · Taxes
save
Photo by hareluya from Shutterstock

#5 Make more contributions to your retirement account in order to reduce the taxable income

If you are close to retirement age or you will be retiring later this year, it is a great idea to make more contributions to your retirement accounts before this tax season in order to reduce your taxable income. This means that if you have a 401(k), 403(b), or traditional IRA, you can easily cut down on the final sum you are going to get taxed on.

The contributions to these types of accounts are generally made with pre-tax dollars, so if you have some money and you add it as a contribution to either of those three savings accounts we mentioned, you will be reducing the final sum of your taxable income.

Not to mention, if you are over the age of 50, you can make what are called catch-up contributions (check your plan to see how they define it and what the limitations are), and thus you can reduce between $1,000 and $7,500 depending on the type of account. Look into what types of extra contributions you can make, and you will see how easy it is to save more money. After all, not only are you adding more money to your nest egg, but you are also spending less in taxes!

Pages: 1 2 3 4 5 6 7
Pages ( 6 of 7 ): « Previous 1 ... 45 6 7Next »

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • A senior couple reviews their household budget on a laptop in a bright, modern kitchen. Social Security's 2027 COLA Could Be the Smallest in Years
  • A person showing a digital discount coupon on their phone to a pharmacist at a bright, modern pharmacy counter. TrumpRx Is Here - But Will It Actually Lower Your Drug Costs?
  • A happy couple shopping with a full cart at a warehouse club in 2026. Top 10 Sam's Club Deals You Can't Ignore in 2026
  • A couple shopping for high-end deals at a modern warehouse store. 12 Costco Deals Shoppers Are Jumping on for 2026
  • A high-end desk setup with a Social Security card and a gold pen, representing presidential financial benefits. Is Trump on Social Security? A Look at Presidential Benefits
  • A person thoughtfully choosing a card from their wallet at a checkout counter. 5 Places to Avoid Using Your Debit Card and 3 Safe Spots
  • A mature couple looking at a tablet together on a sunny patio, appearing confident about their financial future. Married or Divorced? Don't Miss This Social Security Tip That Could Increase Your Checks
  • A confident woman working on her taxes at a bright, organized home office desk. IRS Alert: 6 Mistakes That Could Inflate Your Tax Bill
  • A woman looks thoughtfully at a tablet in a modern kitchen, representing financial planning for rising costs. Unfortunately, We'll Pay More for These 6 Things in 2026
  • A woman smiling at her phone in a bright living room with a delivery package on the table. The Best Amazon Prime Perks You Should Be Using in 2026

Newsletter

Get money-saving tips and personal finance advice delivered to your inbox.

Related Articles

social security, Social Security task

Who Will Receive Social Security Payments on March 11, 18, and 25?

Tips for Beneficiaries for March 2026 If you receive Social Security benefits, here are a…

Read More →
taxes

10 Unbelievable Things Your Taxes Are Paying For

5. NASA’s Study on How Wine Is Impacted by Global Warming An $88,000 study conducted…

Read More →
stealth

7 Stealth Taxes that Can Destroy Your Retirement

Widow’s income tax penalty The widower’s income tax is definitely the healthiest tax of them…

Read More →
new 2024 tax plan

Biden Proposed a New 2024 Tax Plan (and You Should See It Now)

Corporate tax rates The proposal would modify the large cut made in 2017 to the…

Read More →
Tax credits, reduce, veteran, climate return

Here Are 10 Tax Credits You May Qualify For

While all tax software are a shortcut through which you can find any eligible tax…

Read More →
A person reviewing tax documents on a laptop in a bright, modern home office.

Tax Season Warning: How IRS Budget Cuts May Affect Your Refund

The 2026 tax season faces new challenges from IRS budget cuts. Discover how funding changes…

Read More →
taxes, income stealth, check

8 Surprising Things You Must Pay Taxes For

Discovering a chest of gold coins in a sunlit attic is a dream, but don’t…

Read More →
Tax

5 Tax-Efficient Ways to Share Wealth with Kids

A mother watches her son play outside, considering how smart tax planning today secures his…

Read More →
stimulus check

2023: Will You Get a Stimulus Check? Let’s Find Out!

Stimulus checks in 2023 Should we rule out the possibility of receiving government stimulus checks…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Subscribe
  • Unsubscribe
  • Newsletter
  • Terms and Conditions
  • Do not sell my personal information
  • Privacy Policy
  • Contact

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2026 The Money Place. All rights reserved.